By 9jaeye 
In a move sparking renewed public outcry, the Nigerian National Petroleum Company Limited (NNPCL) announced a fresh fuel price hike on Tuesday, October 29, 2024. Effective immediately, residents in Lagos will pay ₦1,025 per liter, while Abuja prices have surged to ₦1,060. This increase marks the third major fuel price adjustment this year and has further intensified concerns about the rising cost of living under President Bola Tinubu’s administration.
Ongoing Impact of Fuel Price Hikes
This latest price adjustment by NNPCL comes only weeks after previous increases, as Nigerians have been grappling with heightened costs following Tinubu’s removal of fuel subsidies earlier this year. Many citizens are already struggling to cope with escalating transportation and goods prices, both directly affected by fuel costs. Additionally, fuel-dependent businesses have raised prices for transportation, power, and production, transferring the burden to consumers.
Observers point out that since the subsidy removal in May, the cost of petrol has risen by nearly 500%, from approximately ₦175 to now over ₦1,000 per liter. Given Nigeria’s dependency on imported fuel and recent naira devaluation, these price surges have only worsened the economic strain on ordinary Nigerians. The recent devaluation of the naira has also raised fuel prices, since fuel imports rely on dollar pricing.
Public Reaction and Calls for Reversal
Public response to the latest price increase has been swift and overwhelmingly critical. Advocacy organizations such as the Socio-Economic Rights and Accountability Project (SERAP) have urged President Tinubu and the NNPCL to reverse the hike. SERAP argues that the persistent price increases further impoverish citizens, forcing them to face even higher living costs without adequate government support.The organization has threatened legal action if prices remain unchanged, warning that the government’s focus on price hikes without complementary social interventions could lead to severe public backlash.
Furthermore, labor groups and civil society organizations have also condemned the hike, with some considering protests to pressure the government into reconsidering its economic policies. Many critics have called for the reintroduction of fuel subsidies, which they believe would alleviate some of the economic pressures on citizens.
Government’s Position on Economic Reforms
The Tinubu administration has defended its stance, emphasizing the need for economic reforms to stabilize Nigeria’s economy in the long term. Government officials have argued that removing fuel subsidies and allowing the market to determine prices will ultimately strengthen the nation’s financial position. However, for many Nigerians, the immediate impact of these policies has been overwhelming, with inflation rates climbing and essential goods becoming less affordable.
As citizens await further statements from the government, many are hoping for a solution that balances economic reform with social support, addressing the needs of both the economy and the population.
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